Osborne's chances of succeeding Cameron were believed to have been delivered a fatal blow after the UK voted to Leave, since the chancellor was such a prominent figure in the Remain campaign and seen as the chief advocate of so-called "Project Fear". However, his refusal to address his position will fuel speculation he is considering a bid, or is still in discussions about supporting one of his colleagues.

In a short speech inside the Treasury this morning, Osborne also outlined the resilience of the UK economy and confirmed the "emergency budget" he threatened in the campaign will not take place.